1835,

LAWS OF MARYLAND.

them, and at such times and places as they shall desig-

CHAP. 865

nate, giving at least ten days' public notice in one or

more newspapers, printed in the town of Cumberland,

and in the cities of Baltimore and Washington, and

First payment

elsewhere, if they deem it necessary, and each subscri-

ber shall pay, at the time of subscribing, to the com-

missioners receiving the same, the sum of twenty dol-

Membership

lars on each share by him, her or them subscribed; and

any person who shall subscribe for, or become the own-

er of one or more shares of said stock, shall, in virtue

of such ownership, be a member of the said corporation,

and shall be entitled, at all meetings of the stockhold-

ers, to one vote, in person or by proxy, for each share

of the capital stock which shall be held by such per-

Shares— personal estate

son; and the shares of the said capital stock shall be

assignable or transferable, and shall be considered as

personal property.

President and di-

SEC. 4. And be it enacted, That the affairs of this

rectors

company shall be managed by a president and six di-

rectors, who shall bo chosen annually by the stockhol-

ders to serve for one year, and until others shall be

elected, as shall be provided by the stockholders in the

by-laws of the said corporation, and until the first

election of directors shall be held, in pursuace of the

said by-laws, the said persons or a majority of them

shall exercise all the corporate powers of the said

Their powers

company, and the said president and directors, and

their successors, or a majority of them, shall have full

power and authority to appoint, employ and compen-

sate, and at their pleasure to remove such officers,

agents or servants, as they may deem necessary in the

business of said company, also to purchase and hold

such real or personal property, materials, vessels, car-

riages, machinery, implements, privileges, easements

and franchises, and to cause all such machinery, build-

ings, or other improvements to be made as they shall

deem necessary to carry into effect the objects of the

said company, and the same or any part thereof to

sell, lease or otherwise dispose of at their discretion,

also to prescribe the mode of issuing and transfering

General powers

stock in said company, and the evidence thereof, and

generally to do whatever they may judge expedient for